Shares in the department store jumped more than 21 per cent on Tuesday after it reported a positive full-year update.
Investors sent Myer Holdings stock to its highest close in nearly three months on Tuesday after the department store chain flagged its 2022 full-year sales would soar by double digits, helping to double its bottom line profit in its best result since 2018.
Myer had a tough first half year after the first quarter was heavily influenced by store closures and a January affected by the omicron variant, and declining consumer confidence.Chief executive John King said the execution of the Customer First Plan strategy continued to deliver positive outcomes and that all categories had achieved sales growth over last year, even though more trading days were lost due to COVID-19 this year.
The South African owners of rival David Jones said that despite the impacts of rising inflation and interest rates, strong consumer demand had resulted in a better than expected rebound in sales in the second half after a tough start to the year. Mr Goode said: “While bricks and mortar is facing some structural headwinds, Myer started dividends again in the financial year. Myer will be delivering $1 billion of sales online within the next two years, and they already sell more online than Adore Beauty and The Iconic combined, so it’s a significant online business and one that actually generates a lot more profits.Myer’s online revenue in fiscal 2022 is tipped to rise by between 32.5 per cent and 34.4 per cent.
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